BEN @ Critical Junction

Similar to DTG that I posted last week, BEN also provides a great opportunity to make some profit.  BEN has gone up significantly from low of $40 in 2009 to high of $116.  Ben went up too high too fast.  Logically, we need to be SHORTING BEN.  But, let’s see what the technical analysis has to say about BEN.
BEN shows a double top around $116 range, which also happens to be the resistance level.  BEN has recently turned its trend downward in the last month of trading and currently stopped at its support level from all the way since March 2009.  If Ben breaks this support level of $104, then watch out!  I expect BEN to eventually breaking this support level and continue its downward trend to $70 or even $60.  If BEN cleanly breaks $104, then it would be a great opportunity to SHORT BEN.  If you are LONG on BEN and hold some shares, then I highly recommend exiting all LONG positions when it crosses $104.  Also as BEN moved upward, the volume in the same time-frame has been slowly decreasing, which signifies that less and less investors are slowly buying BEN.

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